The Guyana Manufacturing and Services Association (GMSA) in its overview of Guyana’s Manufacturing and Services Sectors for 2023/2024 revealed that the manufacturing sector had recorded its highest performance to date.
According to the GMSA’s 2023 annual report, the manufacturing sector’s performance increased by 25%, generating over 70 billion Guyana dollars in 2023 compared to 56.3 billion Guyana dollars in 2022.
Moreover, manufacturing’s contribution to Guyana’s GDP has seen a significant shift away from traditional rice and sugar towards “other manufacturing” sub-sectors such as the production of processed food, chemicals, pharmaceuticals, paints, putty, metal fabrication, plastic, timber products, spirits, and beverages.
The other manufacturing subsector accounted for 71% of the manufacturing sector through the generation of $49.83 billion Guyana dollars. Rice and Sugar accounted for $17.22 and $3.29 billion Guyana dollars, respectively.
The production of fabricated metal and non-metallic products was the driver behind the expansion of the “other manufacturing” sector in 2023.
Furthermore, utilizing the Bank of Guyana September 2023 report as its source, the GMSA’s annual report 2023 highlighted that for the aforementioned period, paint and putty production increased by 56% and 17.8 % respectively.
Production increases were also recorded for aerated alcoholic beverages, edible fats, ice cream and textiles, and sewn goods, while the pharmaceutical sector experienced a decline.
One hundred thousand tonnes of CRS 2 and RC 250 bitumen was produced locally for the first time last year by DSCN Manufacturing Incorporated.